No slowdown for US factories October 17, 2011 DESPITE fears of a global economic slowdown US industrial output increased in September, according to Federal Reserve figures out last night. Output increased by 0.2 per cent, compared with flat production registered in August. However, manufacturing figures for New York State declined for the fifth consecutive month in October. At minus 8.48 the general business [...]
Euro banks fail new pay rules October 17, 2011 NO BANKS are providing enough transparency and detail on staff pay, and disclosure needs to improve, the European Banking Authority (EBA) said in a report released yesterday. “With regard to the new disclosures on remuneration policy and practices, there is room for significant improvements for the majority of banks included in the sample,” the report [...]
Buckles has some convincing to do October 17, 2011 OUCH. After it announced its “transformational” £5.2bn bid for ISS yesterday, shares in G4S lost almost a quarter of their value. Having pulled plans for a flotation due to lack of demand, the private equity backers of ISS have now successfully shopped the business to G4S. But the thinking among some shareholders is this: if [...]
G4S shares plunge after £5.2bn offer October 17, 2011 INVESTORS took fright yesterday after security firm G4S revealed plans to buy ISS from its private equity owners in a £5.2bn deal. Shares in G4S plunged more than a fifth after it said it would pay £1.53bn in an even split of cash and shares for the Danish facilities management group. It will raise £2bn [...]
Protesters set up home in the City October 17, 2011 PROTESTERS against global capitalism dug in for a long stay outside St Paul’s Cathedral yesterday, after police prevented them from demonstrating outside the London Stock Exchange. About 250 demonstrators appealed for donations of sandbags, wooden palettes and tarpaulins as organisers made plans to create a semi-permanent camp outside the cathedral. The third day of rallies [...]
BP seals $4bn clean up deal with partner October 17, 2011 BP has accepted a $4bn (£2.5bn) payment from partner Anadarko Petroleum towards the Gulf of Mexico oil spill clean up. The figure is far less than it might have won in court, but could reduce the overall cost of the disaster for the British group. Anadarko will no longer pursue its allegations of gross negligence [...]
Temasek raises £350m with innovative fund-boosting deal October 17, 2011 TEMASEK has launched a S$650m (£350m) bond exchangeable into shares in the London-listed bank Standard Chartered, bookrunner Bank of America Merrill Lynch said yesterday. Temasek, a sovereign wealth fund for the Singapore authorities, is an 18 per cent shareholder in Standard Chartered. The offering of the three-year, zero coupon bonds by Temasek Financial, a special [...]
ANALYST VIEWS: HOW IMPORTANT IS IT THAT BP AGREED A FIGURE? October 17, 2011 KEITH BOWMAN | HARGREAVES LANSDOWN In all, the shadow of the Gulf of Mexico accident continues to loom. However, the payment marks another step in the right direction for BP. Its cash generative nature continues to attract the attention of investors, with further value enhancing developments possible. The consensus says buy. ANDREW WHITTOCK | LIBERUM [...]
Reforms set to cut back chaotic audit regulator October 17, 2011 INCOHERENT growth of the Financial Reporting Council (FRC) has created an inefficient shambles, its chief executive told City A.M. yesterday. “Following scandals like Enron and Equitable Life, the FRC’s responsibilities grew from accounting standards originally to cover areas like corporate governance, professional oversight, and actuarial work,” Stephen Heddrill told City A.M. “However, the whole body [...]
BOYS’ TOYS BIGGEST BOOST FOR HASBRO October 17, 2011 HASBRO, the US toymaker behind the iconic Mr Potato Head, said third-quarter profits rose by 10 per cent, as international growth and sales of its boys’ toys such as the Transformers helped offset weakness in the US. Net income rose to $171m (£108m), up from $155.2m the same quarter last year but falling short of [...]
